The marginal rate of substitution is equal to the ________
A) marginal cost of each good
B) magnitude of the slope of the indifference curve
C) inverse of the slope of the budget line
D) relative price of the two goods
B
Economics
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Economics
The graph below represents the market for lychee nuts. The equilibrium price is $7.00 per bushel, but the market price is $5.00 per bushel
Identify the areas representing consumer surplus, producer surplus, and deadweight loss at the equilibrium price of $7.00 and at the market price of $5.00.
Economics